Personal Finances | Planning

Plan Your Financial Future Now

The best way to prepare for your financial future is to have a budget that you can follow and adjust as you work through each month. There are many doable ways to put together a budget, but all entail gathering the best information you can from your past financial records.

Using Past Expense to Predict Future Expenses

Both checking accounts and credit card records provide a good place to start. For most families, housing expense is the largest and most important expenditure. These expenses include mortgage or rent, utilities, taxes, insurance, and maintenance.

Sep 23, 2020
Construction Loan Forms
Forms used in the administration of construction loans
Find all the forms needed for construction loans including construction loan draw schedule, partial release of lien, final release of lien, loan disbursement authorization, and construction loan agreement More info...

Sep 23, 2020
Construction Loan Disbursement Authorization
Residential Construction Loan
This form is used by lenders to have the borrower authorize construction loan disbursements directly to the homebuilder. More info...

Sep 23, 2020
Fixer Upper Houses
Is the Fixer-Upper Life Right for You?
The TV show follows the adventures of hearty souls who purchase property for the sole intent of fixing it up and selling it as soon as possible. Sounds great, but viewers need to be aware that flip this house is easier said than done. First, you need money. Not every bank has the expertise to successfully underwrite fixer upper loans and it generally aThe TV show follows the adventures of hearty souls who purchase property for the sole intent of fixing it up and selling it as soon as possible. Sounds great, but viewers need to be aware that flip this house is easier said than done. First, you need money. Not every bank has the expertise to successfully underwrite fixer upper loans and it generally a better bet to seek out a lender that has funded many of these loans. better bet to seek out a lender that has funded many of these loans. More info...

Sep 23, 2020
Construction Loan Draw Schedule
Downloadable Sample
It is always a good idea to get a construction loan from a construction loan lender that will disburse the funds to the builder rather than you as the borrower. This assigns the responsibility for the disbursement of funds to the lender and assures professional inspections as the construction progresses. Construction loan lenders construction draw schedulehave strong requirements for the disbursement of funds that will protect you as the homeowner. The lender assumes fiduciary responsibility for correct administration of the construction fund. More info...

Sep 21, 2020
1M Delinquent Homeowners Haven't Asked for Forbearance
Realtors Association
Of those, 680K have loans backed by Fannie or Freddie and could easily defer payments for up to a year. Surveys suggest they're likely confused about their options.

NEW YORK - Homeowners who have failed to take advantage of pandemic-related mortgage assistance may be at risk of losing their properties. A little more than a million owners nationwide are at least 30 days past due on their monthly payments and haven't entered a forbearance program or engaged their lender about some other financial solution, according to an analysis from Black Knight, a mortgage data firm. More info...

Sep 18, 2020
Shopping for a Mortgage
How to get the best rate on you mortgage
Whether you a purchasing a new house or refinacing your existing house, with a little shopping you can save thousand of dollars over the life of the loan. Using the internet can make shopping for a loan easier, but you want to make sure you are comparing apples to apples.
There are several fees involved in a mortgage that will affect how much you pay up front
The most important fee is the mortgage discount fee which can vary from 0% up to 3 or 4% The higher the fee the lower the mortgage interest rate. But, you also look at other fees as well such a processing fees, underwriting fees, appraisal fees, etc.
When you take all the fees together, they are combined with the interest rate to calculate what is called APR. That number is what you want to use to compare loans. The lower the number, the better the deal. More info...

Sep 18, 2020
Waiting time for a Mortgage
Lines are long at the mortgage store
The housing market is booming and purchasers are rushing to bank to get their loan approved. As mentioned in another article, it is best to get pre-approved fo a loan so that you have a head start on getting your loan closed.
If you got a pre approval for you loan you will be ahead of the game but there still is an amount of work to be done on your part.
As this article suggests, you can start accumulating the required information even while looking for a house.
The better prepared you, are faster your loan will get final approval and close. More info...

Sep 17, 2020
Construction Loans and Disbursements
Gary R. Crum
The Residential Construction Process
The residential construction process involves considerable detail, starting with lot selection and drawing up specifications. Every item to be included in the construction process must be included in the specification list, from shoe moldings to roofing materials. This will give you a good idea of the total cost of your construction. More info...

Money Smart News Continued...